Fairfax buys Blackberry debt

FAIRFAX Financial Holdings is set to buy another $250m (£150m) worth of BlackBerry’s debt, providing the struggling smartphone maker with much-needed cash.

The move by Fairfax, the Canadian property and casualty insurer run by investment guru Prem Watsa, will double the company’s holdings of BlackBerry's debt. Fairfax also owns a 9.9 per cent equity stake in BlackBerry, making it the company’s largest shareholder.